Earlier this month, the Vancouver, Canada company cut 200 jobs, or 5% of its staff, to save $24 million a year and now the board has formed a committee of independent directors to examine strategic alternatives for the company. Merrill Lynch has been brought in as advisers.
Creo has faced a squeeze on margins in the past year and recorded a net loss of $1.5 million in its last quarter to June 30. It also faces a revolt by dissident shareholders who own 5.96% of the equity who want to replace CEO Amos Michelson and seek a change in company strategy.
